You may be able to own a home for not much more than you are paying in rent. Check the chart below to see how quickly rent payments can add up. Maybe it’s time for you to invest that money in something that lasts — a home of your own.
Monthly rent | 3 years | 10 years | 15 years | 30 years |
$500 | $18,000 | $60,000 | $90,000 | $180,000 |
$600 | $21,000 | $72,000 | $108,000 | $216,000 |
$700 | $25,400 | $84,000 | $126,000 | $252,000 |
$800 | $28,800 | $96,000 | $144,000 | $288,000 |
$900 | $32,400 | $108,000 | $162,000 | $324,000 |
$1000 | $36,000 | $120,000 | $180,000 | $360,000 |
$1250 | $45,000 | $150,000 | $225,000 | $450,000 |
$1500 | $54,000 | $180,000 | $270,000 | $540,000 |
For many homeowners, the after-tax cost of a home loan could be less than the cost of rent. That’s because the interest portion of each mortgage payment may be tax-deductible. In most cases, property taxes are also deductible. You should consult a tax advisor for details.
If you clients are thinking about buying a home I can help. Take the first step and contact me today!
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